Psych tests are rarely used as a sole means of hiring. If they were, yes they would have gaping loop holes. Interviews are essential, but can also be manipulated. Think of the process as layered. One has to show consistency throughout, those who manipulate either test will be eliminated because of their inconsistent profile.
I would argue that the personal interview is very very difficult to manipulate, if conducted by a skilled interviewer, the Psych test on the other hand is a means to an end. It is designed to categorize individual, put them into profile boxes to allow them to assessed/scored, and then deemed suitable or unsuitable.
The tests are also a product of a system that gives an organization a chance to avoid discrimination or bias allegations.
Psych tests continue to be a pointless part of aircrew recruitment......just ask the rest of the world outside Oz. (and I have BTW e.g BA, CX, EK, EY...plus a few more besides)
The BA process concentrates on competency based motor skills, and a series of 2 on 1 interviews, they discarded psych tests after 10 years, purely on the basis that they served no useful recruitment purpose.
Hoopdreams you are correct about hiring for attitude not skill, look as far as the sim ride, where the key to success is improvement, not skill. I think you will find that attitude is the hiring policy of at least one major Australian airline.
In many cases this is the second part of a two day process.....